MIRA
INFORM REPORT
|
Report Date : |
13.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
TROX INDIA PRIVATE LIMITED |
|
|
|
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Registered
Office : |
751, 5th Floor, Building No. 7, Solitaire Corporate Park,
Andheri (East), Mumbai – 400093, Maharashtra |
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Country : |
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Financials (as
on) : |
31.12.2011 |
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|
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Date of
Incorporation : |
12.10.2007 |
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|
|
Com. Reg. No.: |
11-174972 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52335MH2007FTC174972 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT14223G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT7789E |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Air Conditioner Products.
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|
No. of Employees
: |
12 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow |
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|
Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. Profitability appears to be
under pressure. However, Trade relations are reported as fair. Business is
active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Kunal |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-67751600 |
|
Date : |
12.04.2012 |
LOCATIONS
|
Registered Office : |
751, 5th Floor, Building No. 7, Solitaire Corporate Park,
Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-67751600 |
|
Fax No.: |
91-22-67751602 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
DIRECTORS
As on 06.02.2012
|
Name : |
Mr. Udo Guenter Brinkmann |
|
Designation : |
Director |
|
Address : |
Elisabethstr 64, Geldern – 47608 |
|
Date of Birth/Age : |
16.07.1953 |
|
Date of Appointment : |
05.03.2009 |
|
DIN No.: |
02494542 |
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|
|
|
Name : |
Mr. Lutz Reuter |
|
Designation : |
Director |
|
Address : |
AM Keramikhof 12 Kevelaer, Germany 47626 |
|
Date of Birth/Age : |
24.03.1956 |
|
Date of Appointment : |
04.09.2009 |
|
DIN No.: |
02736726 |
|
|
|
|
Name : |
Mr. Sandip Dattaram Vardam |
|
Designation : |
Director |
|
Address : |
13-B-603, Spring Leaf, Lokhandwala Complex, Akurli Road, Kandivli
(East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
27.03.1973 |
|
Date of Appointment : |
18.10.2009 |
|
DIN No.: |
02819066 |
|
|
|
|
Name : |
Mr. Dirk Muller |
|
Designation : |
Director |
|
Address : |
Galaterstrasse 77 Aachen, Germany 52074 |
|
Date of Birth/Age : |
08.08.1968 |
|
Date of Appointment : |
05.12.2011 |
|
|
|
|
Name : |
Mr. Pieter Cornelius Jooste |
|
Designation : |
Managing Director |
|
Address : |
No.21, The Top lake View, SIP Suzhou Jiangsu, SIP Suzhou, China 215021 |
|
Date of Birth/Age : |
05.07.1964 |
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Date of Appointment : |
09.12.2011 |
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|
|
|
Name : |
Mr. Low Wai Yong |
|
Designation : |
Director |
|
Address : |
Room 1204, Building 29, Jiacheng Garden, Jiangsu SIP Suzhou, SIP
Suzhou, China 215021 |
|
Date of Birth/Age : |
15.06.1970 |
|
Date of Appointment : |
09.12.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Kunal |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.02.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
TROX Gmbh, Germany |
|
899248 |
|
TROX Finanzeservice GmbH, Germany |
|
100751 |
|
Total |
|
999999 |
As on 06.02.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Air Conditioner Products.
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
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|
|
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
12 (Approximately) |
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|
|
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Bankers : |
·
HSBC Bank, Andheri (East) Branch, Andheri (East),
Mumbai, Maharashtra, India ·
HDFC Bank |
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
T. P. Ostwal and Associates Chartered Accountants |
|
Address : |
Bharat House, 4th Floor, 104, Mumbai Samachar Marg, Fort, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-40693939 |
|
Fax No.: |
91-22-40693999 |
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E-Mail : |
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PAN.: |
AAEFT8386J |
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Holding Company : |
·
TROX GmbH |
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|
|
|
Fellow Subsidiary : |
·
TROX Malaysia SDN BHD ·
TROX U. K. Limited ·
TROX USA Inc. ·
TROX Finanzservice GmbH ·
TROX Italia Spa ·
TROX Hesco SchweizAG ·
TROX Air Conditioning Components (Suzhou) Company
Limited |
CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
999999 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions].
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
8.508 |
|
|
2] Share Application Money |
13.495 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17.984 |
17.984 |
12.015 |
|
|
4] (Accumulated Losses) |
(33.479) |
(26.165) |
(21.004) |
|
|
NETWORTH |
8.000 |
1.819 |
(0.481) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8.000 |
1.819 |
(0.481) |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
0.779 |
1.132 |
1.637 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
1.655 |
1.655 |
1.655 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.197
|
0.801 |
1.622 |
|
|
Cash & Bank Balances |
7.741
|
2.848 |
3.523 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
7.192
|
3.313 |
2.475 |
|
Total
Current Assets |
15.130
|
6.962 |
7.620 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
2.745 |
10.259 |
|
|
Other Current Liabilities |
9.564
|
4.794 |
0.588 |
|
|
Provisions |
0.000
|
0.391 |
0.546 |
|
Total
Current Liabilities |
9.564
|
7.930 |
11.393 |
|
|
Net Current Assets |
5.566
|
(0.968) |
(3.773) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8.000 |
1.819 |
(0.481) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
16.617 |
11.694 |
11.290 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
23.930 |
16.856 |
27.238 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(7.313) |
(5.162) |
(15.948) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.266 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(7.313) |
(5.162) |
(16.214) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(26.165) |
(21.003) |
(4.789) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(33.478) |
(26.165) |
(21.003) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service
Charges |
16.407 |
10.892 |
10.802 |
|
|
TOTAL EARNINGS |
16.407 |
10.892 |
10.802 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(7.31) |
(5.38) |
(27.11) |
|
Expected Sales (2012) : Rs.20.000 Millions
The above information has been parted by Mr. Kunal
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
(44.01)
|
(44.14) |
(143.61) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(45.97)
|
(63.78) |
(172.28) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.91)
|
(2.84) |
(33.16) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.20
|
4.36 |
(23.69) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
0.88 |
0.67 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
(Rs.
In Millions)
|
Particulars
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
|
|
|
Sundry Creditor |
Not Available |
2.745 |
10.259 |
|
|
|
|
|
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
Note:
The registered office address of the company has been shifted from
“Hiranandani House, 2nd Floor, Saraswat Lane, Off Linking Road, Santacruz
(West), Mumbai – 400054, Maharashtra, India” to the present address w.e.f.
01.12.2011
Fixed Assets:
·
Office Equipments
·
Furniture and Fixtures
·
Computers
·
Air Conditioner
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.44 |
|
|
1 |
Rs.81.96 |
|
Euro |
1 |
Rs.67.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
16 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.